West Brom confirm takeover by Chinese investment group as chairman Jeremy Peace steps down
Peace will be replaced by former Blackburn chief John Williams after the club was sold to a group headed by 42-year-old Guochuan Lai
West Brom have announced the club is to be taken over by Chinese investors.
Chairman Jeremy Peace has been looking to sell the Baggies for some time but had been waiting for the right deal to come his way.
He has now agreed to sell parent company West Bromwich Albion Holdings to a group headed by Guochuan Lai.
Lai, 42, is the controlling shareholder in Yunyi Guokai Sports Development Limited which will acquire West Brom, subject to approval.
Peace is to step down following the takeover with former Blackburn chief John Williams replacing him.
Lai built his career aiding the development of Palm Eco-Town Development Company Limited into China’s largest landscape and design company. It now has a market value of around £1.8billion.
He said: “I am excited and privileged to have the chance to become the new owner of this great club.
“We have a strong squad, loyal fans and a unique culture. My immediate priorities will be to maintain the club’s stable structure, respecting its well-run nature and its heritage. I have no intention of changing the club’s ethos.